558: Dan Lok | Building Networth from Debt to 8 Figures

Dan Lok is known as “the king of closing,” but his story didn’t always start out that way. As an immigrant from Hong Kong, Dan struggled to learn English and earn money for his family. He began side hustles at a young age leading him to enter debt up to $150,000. After studying with the greats and taking action, Dan became a self-made millionaire at 27, and an 8-figure entrepreneur soon after, leading to worldwide speaking engagements and becoming an author of his most recent book, Unlock It. 

Let’s dive right into the episode as we learn more about how Dan was able to overcome every obstacle in his way and build his net worth.

Things you will learn in this episode: 
[00:01 - 07:17] Opening Segment 

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I introduce today’s guest Dan Lok

Dragon 100

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Dan gives some background on his story 

Born in Hong Kong 

Troublemaker as a kid 

Immigrated to Vancouver

Going into business out of necessity 

Dan talks about the conditions living in Vancouver

The change in living and culture 

Starting with no network

[07:18 - 14:04] Moments of Overcoming the Obstacles 

Dan talks about his English learning process

Only making English speaking friends 

Listening to and watching media 

Full immersion 

Facing stage fright 

Dan shares the experience of his dad going bankrupt

Looking hopelessness in the face

Getting urgent about learning how to make money 

Getting into side hustles 

Getting into everything possible while doing school 

[14:05 - 23:20] The Power of Leveraging Social Proof

From side hustle to full-time business

Failing 13 businesses 

Learning copy from a mentor 

Learning the gift of persuasion 

“The million-dollar year”

Dan talks about the story of making the cassette tape 

Borrowing experience from other skilled people 

Approaching high worth people and building off that 

The cassette tape 

Building off of social proof

Dan’s approach 

A word from our sponsor

[23:21 - 37:47] Building Your Net Worth

Dan tells a story about a unique phone call 

Experiencing harsh rejection 

“This will never happen again” 

Moving to sales and closing 

Learning on the job 

Learning business through prospects 

Getting into affiliate marketing and online marketing

From mentoring to seminars

Answering the demand for more content

Burning out from the constant teaching 

Exploding because social media 

Dan’s various companies 

Dan’s tips for being a better salesperson 

High-ticket closing

Make the prospect the salesperson 

“What would you like to do next?” 

The Doctor Frame - example

Resources 

It’s not about closing 

[37:48 - 41:23] Closing Segment

Who you know, or What you know? 

Half the formula is who you know, the other is who knows you 

ThE RaNdOm RoUnd

How to engage with Dan

Links below

Final words 

Tweetable Quotes: 
“I learned at an early age - You don’t ask, you don’t get…” - Dan Lok

“I was speaking and teaching business owners but unlike most, a majority of my revenue comes from DOING what I teach.” - Dan Lok

“We don’t sell, we turn the prospect into a salesperson. We let the prospect do most of the speaking… When you say something it means something; when the prospect says something it means everything.” - Dan Lok

Resources Mentioned: 

Unlock It

Dragon 100

Free High Ticket Closers Course

The Hard Things About Hard Things

Connect with Dan on Instagram and YouTube. Be sure to visit https://danlok.com/ to learn more. 

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